SEATTLE--(BUSINESS WIRE)--While home sales across 11 major West Coast markets hit
a five-year low this year, several housing markets that less
frequently make headlines are showing signs of strength. A
report issued today by Redfin (www.redfin.com),
the technology-powered real estate brokerage, highlights eight markets
in Texas, North Carolina, Colorado and the Pacific Northwest where
home-selling speeds have picked up and home sale volumes have remained
steady this spring thanks to jobs and population growth.

“Stagnant wages and rising home prices have caused many Americans to
reassess what makes sense for their family and their financial future,”
said Redfin economist Ellen Haberle. “In these eight markets, a booming
job market allows professionals to keep their careers on track while
relatively affordable cost of living lets incomes stretch further for
young families and retirees alike. It is no wonder that more and more
Americans are making the move.”

As
reported last week, Austin, Dallas, Denver, Houston, Portland,
Raleigh, San Antonio and Seattle are among Redfin’s fastest markets. In
February, 37.9 percent of homes went off the market within two weeks in
these markets, compared with 30.7 percent last year, and 22.5 percent
across 27 markets.

Home-Selling Speeds, February 2014

Days on Market,

Days on Market,

% of Homes Selling in

% of Homes Selling in 2

Market

Feb 2014

Feb 2013

2 Weeks, Feb 2014

Weeks, Feb 2013

San Antonio

46

64

27.1%

20.3%

Houston

31

48

35.9%

27.0%

Austin

26

40

46.3%

40.6%

Raleigh

82

94

22.5%

9.7%

Dallas

30

41

38.8%

31.9%

Denver

27

37

27.1%

24.5%

Portland

44

50

35.3%

33.7%

Seattle

36

35

40.9%

40.9%

27 Markets

43

47

22.5%

21.5%

While inventory hit a four-year low in each of these eight markets, home
sales remained relatively steady in February. The most extreme case was
Houston, where inventory fell 23.5 percent year over year and sales
increased 6.4 percent. In contrast, across 27 markets, inventory fell
5.8 percent and sales dropped 7.3 percent.

It is not surprising that demand has been particularly strong in these
areas given that they have been experiencing a population boom the past
few years. These eight markets were among the fastest growing in the
nation between July 2012 and July 2013, according to recently released
Census data,
growing between 1.1 percent and 2.6 percent that year compared with 0.7
percent in the U.S. as a whole. People are primarily drawn to these
cities for jobs, lifestyle and affordability. Across the eight markets
covered:

Year-over-year job growth was between 2.3% and 4.5% in 2013, compared
with 1.6% nationally.

People who relocate to Denver, Portland or Seattle named lifestyle as
the top reason for moving, followed by jobs and proximity to family
and friends, according to the latest Redfin
homebuyer survey.

More than 45% of homes for sale in Raleigh, Houston and Dallas are
affordable on two median incomes, compared with 12% in Los Angeles and
7% in San Francisco, cities typically noted for their strong housing
markets.

Redfin (www.redfin.com)
is a technology-powered real estate broker that represents people buying
and selling
homes. Founded and run by technologists, Redfin has a team of
experienced, full-service real
estate agents who are advocates, not salespeople, earning
customer-satisfaction bonuses, not commissions. Redfin.com features all
the broker-listed homes for sale, as well as for-sale-by-owner
properties that don't pay brokers a commission. Redfin also offers online
tools that make the entire process of buying or selling a home
easier and more fun. The company serves 23 U.S. markets and has closed
more than $13 billion in home sales. In 2012, Redfin was named one of
The DIGITAL 100: World's Most Valuable Private Tech Companies by
Business Insider.